Disclosure: In any review for a product or service, products or compensation may have been provided to me to help facilitate my review. All opinions are my own and honest. I am disclosing this in accordance with FTC Guidelines. Please see “Disclose” and "Terms of Use" tabs for more information.
When you are getting ready to buy your first home, it can truly feel overwhelming. But in today’s market, you can get a lot more for your money then just 10 years ago. Just take a deep breath, and make sure you cross all your t’s and dot your i’s and you will have smooth sailing as you find your dream home.
The next thing you should focus on is paying off your debt. This will not only allow you to have confidence that you can pay your mortgage off each month, but also eliminates expensive credit-card debt. Most people have a higher rate on credit cards then for a mortgage, and it also limits how much you can borrow to buy your home. Make sure that for at least the past year, each and every bill has been paid in full and on time.
Next, figure out what you want in a home. Are schools important to you? Perhaps you require a certain number of bedrooms or bathrooms. Is there a time frame that you would like to move in? Make sure you ask about the taxes in each town or city you look at homes in as well- some of those can really make a dent in your wallet.
Now that you are ready to buy, make sure you hire an hire an experienced home inspector to check the house’s structure and systems, including the roof, heating, plumbing, electrical and air conditioning systems. And check his or her credentials as well- you don’t want someone less then great to be determining the condition of your home. Once you buy your home, one thing you may also want to consider is getting
life insurance– you wouldn’t want to leave your partner or family in a mound of debt should the unexpected happen.
Disclosure-Information sourced from Genworth Financial
With the tighter credit guidelines, those planning to purchase a home should now start checking their credit report, boost up their scores and save up a decent deposit. The better your financial status, the better your chances of securing a mortgage at a low interest rate. Such variations can potentially save you thousands of dollars over the full term of your loan.
I should of read your tips before we bought our home a long time ago.
There is so much to consider. Great ideas!
Great tips! Oh, my word, all the things we learned the first time around!